Subordination Request Form - Dutchess County, New York

Subordination Request Form is a legal document that was released by the Department of Planning and Development - Dutchess County, New York - a government authority operating within New York. The form may be used strictly within Dutchess County.

FAQ

Q: What is a Subordination Request Form?A: A Subordination Request Form is a document used in Dutchess County, New York to request a change in the priority of a mortgage lien.

Q: Why would someone need to submit a Subordination Request Form?A: Someone would need to submit a Subordination Request Form if they want their mortgage lien to be lowered in priority, typically to allow for another loan or mortgage to take precedence.

Q: What information is usually required in a Subordination Request Form?A: The Subordination Request Form typically requires information about the existing mortgage, the requested subordination, and any additional loans or mortgages involved.

Q: Are there any fees associated with submitting a Subordination Request Form?A: Yes, there may be fees associated with submitting a Subordination Request Form. You should check with the county's office for the specific fee structure.

Q: How long does it take for a Subordination Request to be processed?A: The processing time for a Subordination Request can vary. It is recommended to contact the county's office for an estimate of the processing time.

Q: Can anyone submit a Subordination Request Form?A: Typically, only the property owner or the mortgage lender can submit a Subordination Request Form.

Q: Is a Subordination Request always approved?A: The approval of a Subordination Request depends on various factors, including the terms of the existing mortgage and the lender's policies. There is no guarantee of approval.

Q: What should I do if my Subordination Request is denied?A: If your Subordination Request is denied, you may want to consult with a mortgage professional or an attorney to explore other options or alternatives.

Q: Can a Subordination Request affect my credit score?A: A Subordination Request itself does not directly affect your credit score. However, if your request leads to new loans or mortgages, those could impact your credit depending on how you manage them.